Traders Magazine caught up with Monica DiCenso, Managing Director and Head of the Global Investment Opportunities Group (GIO) at J.P. Morgan Private Bank, to discuss her career journey, leadership principles, and the evolving role of women in finance.
Prior to joining GIO in 2015, DiCenso was the Head of U.S. Equity Strategy at J.P. Morgan Global Wealth Management where she managed a team of strategists and served as a key resource for clients by identifying equity ideas including thematic brokerage ideas, options trades and structured investments as well as identifying single stock selections for their U.S. Opportunistic, Core and High Dividend Stock Lists. DiCenso joined J.P. Morgan Private Bank in 2012 from the Investment Bank where she served as an Equity Research Analyst on a top Institutional Investor ranked team. Prior to joining J.P. Morgan, she worked as an auditor at PricewaterhouseCoopers focused on the Technology and Media space.
Monica, please tell us about your career. What was the most defining moment or decision that led you to where you are today at J.P. Morgan Private Bank?
I started in accounting and finance out of college and while I loved what I was doing, I quickly got burned out because I hadn’t learned how to balance the demands of this career with a “real life.” In what turned out to be the defining moment of my career, I left that particular Wall Street job and took a year to travel by myself around the world.
As a young woman traveling alone in remote parts of the world, I learned to be independent, develop relationships with people of diverse backgrounds and, most importantly, took time to really think about what I wanted to do with my career versus just following the path I thought I “should” follow. Upon returning to the U.S. I was fortunate to join J.P. Morgan, transitioning to the Private Bank where I could work in a relationship-focused role getting to know clients and helping them achieve their individual and family goals.
It may seem odd that it took me stepping away from Wall Street to allow me truly appreciate this industry, but the perspective shift I gained from my experiences made all the difference and continues to inspire and drivs me today.
What leadership principles or strategies have been key to your success?
I’ve employed a few strategies in recent years that I think have been key to my success. One is maintaining a small group of people on my team who give me direct feedback. It’s easy to become detached from the day to day in leadership roles and by having my “go-to” people who don’t pull punches with me, I’m able to focus on our strategic initiatives while staying grounded in our team’s work. These people will also call me out if they think I’ve made a misstep or missed something, and I love that.
I also learned early on the value of having diverse experiences, perspectives and styles on a team. I think that has helped to create a stronger team where we’re equipped to tackle more challenges. It’s powerful to know that whatever client issue comes to us, I likely have someone who can run with it and devise a solution.
Lastly, I can’t overestimate how important it is to get to know and listen to our early career team members. They are deeply involved in our day-to-day operations and have a unique perspective. I started doing regular lunches with small groups of them – no agenda – and I’ve been amazed at how much I’ve learned and how it’s contributed to a stronger team culture overall.
How do you maintain a work-life balance and ensure you stay grounded and focused?
This is a tough one; I certainly grappled with this early in my career. After my hiatus from Wall Street, I realized that for me, balance comes from pursuing other interests and hobbies and spending time with people outside of my profession, including my friends in the arts and my family. I also find that in a relationship business like ours, having diverse interests and hobbies makes you a more interesting person, one who people gravitate towards.
And when none of the above works for me, I employ a very simple tactic: I have a work phone and a personal phone, and on the weekends or vacation when I need to really disconnect, the work phone goes in a drawer. People can always find me, if truly urgent, on my personal phone but that tactic has worked well for me to force a discipline.
What are some of the biggest barriers still facing women in finance today, and what steps can be taken to address them?
I see two key challenges in my day to day: Women are still often under-represented in leadership roles in finance. We know women graduate from college at a similar if not higher rate than men but then something happens in the first 10 years of their careers that sometimes discourages them from continuing in this industry.
It can feel lonely if you’re the only woman in a more senior role. And it can be hard to find the path to more senior roles if you don’t see people like you above and around you. That’s why representation is so important. It’s getting better, but our industry still has work to do.
And on the broad culture side, I think we as leaders have a responsibility to make sure our office cultures represent what we want for our teams. For example, we had noticed that many team events revolved around happy hours and dinners, so we created a committee to organize different types of events on a regular basis. We still do drinks and dinner, but we also do physical activities, art tours and volunteer events together. This has resulted in greater participation across our team and a stronger culture, which we hope in time means that more people feel comfortable as part of the group.
What do you think the industry can do to inspire and support the next generation of women financial leaders?
The dynamism of this sector is truly inspiring, and I believe more people had a purview into the impactful work we do for our Private Bank clients, we’d attract even more top talent. Our client base is incredibly varied, so having a unique perspective and approach is a superpower in my world.
However, as few of us really know what we want to do when we graduate from college, I believe internships and opportunities to learn in an office, such as through rotational programs at bigger companies, are great ways to introduce people to the available opportunities. J.P. Morgan’s ReEntry Program is a game-changer for those who’ve taken a career break, offering them the chance to step back into the workforce with personalized support, mentorship, and training. It’s all about rebuilding confidence, updating skills, and tapping into an expansive pool of talent that drives innovation and growth.
As a trailblazer in a highly competitive industry, what advice do you have for women aspiring to lead in finance?
Hang in there! This is an incredibly rewarding industry – but like all amazing things, the path to your ultimate destination is long and can feel challenging at times. I found that by building strong relationships both within my firm and across the industry, I was able to create a support system that helped me push through the tougher times and have the necessary perspective to see my end goal.
